Using insurance reviews to help accelerate business growth

Last updated on February 6, 2024
Keen to grow your business? It’s only natural to assume that you’ll need time or money – or both. But there’s one other seriously underrated contributor: confidence. One way to boost your business confidence is to take control of the risks you’re exposed to – freeing you up to take measured risks elsewhere. That’s where a regular insurance review comes in.

Confidence is an asset for your small-to-medium enterprise (SME). Just ask Sally Walker, SME Underwriting Specialist at Allianz Australia.

“We see a lot of small businesses that are looking to grow,” Sally explains. “And one of the best things we can do to help is to give them the confidence that their risks are being managed, with the right kinds of insurance at the right levels.”

Sally Walker, SME Underwriting Specialist
Sally Walker,
SME Underwriting Specialist

Every business faces risks, every day – even if they go unacknowledged. These risks may include:

  • uncertainty-based risks that businesses may be legally obligated to manage like the risk of accident or injury to employees or members of the public
  • uncertainty-based risks that they choose to manage, like risks to property or premises from natural disasters, and
  • opportunity-based risks that come from deciding to take one opportunity over another.

If you’re a SME, opportunity-based risks can be worth embracing, as a calculated move. But to get there, you’ll probably want to have your uncertainty-based risks under control.

This is where regular insurance reviews come in. By forcing you to step back and assess risk objectively, the review process gives you an overview of your business.

Taking the time to sit down with your insurance partner to conduct a review can give you an objective, expert perspective on managing the risks to your business. Your strategy to manage risk may include physical measures, like updating sprinklers and smoke alarms on your premises, and taking out appropriate insurance coverage.

"SME business owners can sometimes feel like everything’s on them – they already wear so many hats, but sitting down with an expert to assess and manage risk can help boost the resilience of their business. It fills the knowledge gap, and the confidence gap,” says Sally. “If you know your business is prepared for potential adversity, that gives you the freedom to take calculated leaps, and that’s where fledgling businesses learn to fly.”

This article has been prepared by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL234708 ("Allianz"). In some cases, information has been provided to us by third parties and while that information is believed to be accurate and reliable, its accuracy is not guaranteed in any way.

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